VeChain Announces The World’s First National eNFT Adoption, Why It Could Be Huge for VET
The VeChain Foundation and DNV Assurance have partnered with the Republic of San Marino to issue Digital COVID-19 vaccination certificates. Approved via a law on June 16th, this solution will provide its citizens with a digital certificate “in line with the European Union standards”.
The certificates will be issued via Enterprise Non-Fungible Tokens (eNFTs), a type of digital asset based on the blockchain VeChainThor. The eNFTs have designed with the purpose of leveraging blockchain technology to impact everyday life and allow companies to design products as a bundle of physical goods, enable digital products, and more.
The San Marino Digital Covid Certificate will cover vaccination against Covid-19, and whether a person has been infected in the past or has received a negative result when tested for this disease. According to the VeChain Foundation, every certificate will be valid for 1 week 15 days after the first vaccination dose.
If a person has received the second dose of the vaccine, the certificate will be valid for 9 months. Local authorities can issue the certificate according to the users’ request, on paper or digital former. The President of San Marino Innovation, Lorenzo Spadoni said:
The San Marino Digital Covid Certificate is an important tool that aligns the Republic with the technological standards used by the European Union, assuring total interoperability while also adding a ‘universal’ certification method based on blockchain technology.
How Will The VeChain Based San Marino Certificate Work?
The certificate will operate with two QR codes, said the VeChain Foundation. One created to comply with international standards approved by the EU, as Spadoni claimed. This code can only be verified by member states entities.
The second QR code will be verifiable by everyone. In order to go through this process, a persona can scan the code with “any device” with access to a web app. Therein, the certificate can be validated. The VeChain Foundation added:
This is enabled by linking to a Non-Fungible Token (NFT), i.e. a unique and non-repeatable certificate of digital authenticity guaranteeing immutability and accessibility by being registered on VeChainThor public blockchain.
As part of the infrastructure that supports this initiative, the partners built a national information system. Thus, the system supports the issuance, validation, and enables citizens to access the information directly from the national electronic health records. Sunny Lu, CEO of VeChain, said:
Not long after we brought up the idea of enterprise NFT, Digital Covid Certificate presents a perfect case in this sector, which is a also new solution to help the government gain ground in the fight against COVID-19.
The announcement has been celebrated by the Foundation and the VeChain community. One of the members called this partnership the “biggest mainstream adoption of Blockchain in recent history”. The user highlighted its importance in terms of adoption and VeChainThor’s potential to host scalable and useful applications.
6/The San Marino green vaccine passport is a perfect example of that.
Here you have, a GDPR compliant solution that is not only scalable, but usable by all stakeholders without having to know ANYTHING about blockchain; yet enjoying all its benefits.
— Brot KnoblauchHaus Ⓥ (@BredGarlicHouse) July 1, 2021
At the time of writing, VET trades at $0,08 with sideways movement in the 1-hour chart. In the 7-day chart, VET records an 11.1% profit.